New Delhi : Finance Minister Nirmala Sitharaman has tabled interim budget in the Lok Sabha. Beginning her presentation of the Interim Budget, FM Nirmala Sitharaman said that the Modi-led government will achieve the goal of ‘Viksit Bharat’ by 2047.
“Government is working with the approach of all round, all pervasive and all inclusive development,” Sitharaman said. She said that the Modi government has delivered ‘Housing for All, Har Ghar Jal’ in “record time
New Delhi : Finance Minister Nirmala Sitharaman will present her 6th straight budget at 11 am today in the LokSabha. In view of the ensuing General Elections, the interim Budget may present a political document with a snapshot of the Modi government’s triumphs over the last 10 years and pointers to how it wants to take the country forward.
With pressure for populist measures off after recent emphatic wins in three states, she is expected to stick to being fiscally prudent while sprinkling sops on sectors like agriculture and engines of the economy that would create jobs and boost consumption.
What is Interim Budget ?
An Interim Budget is presented when the government is in the last year of its term, just before the general elections.
Purpose:
The primary purpose of an Interim Budget is to seek parliamentary approval for essential government spending for a short period until the new government is formed and a full-fledged budget can be presented by the incoming government.
Content:
The Interim Budget typically includes a vote-on-account, which allows the government to withdraw funds from the treasury to meet its expenditure needs until the new government presents a full budget. An Interim Budget does not introduce new policies or significant changes in taxation.
Decision-Making Authority:
In the case of an Interim Budget, the government is considered a caretaker government as it is in the last year of its term. Hence, it refrains from making major policy decisions or introducing significant changes.
Duration of Approval:
The Interim Budget seeks approval for a short duration, typically until the formation of the new government. It is passed with the understanding that the incoming government will present a full budget.